Entrepreneurs and business owners pour long hours, sweat, and tears into their company to see it succeed. It takes a lot of sacrifices and hard work to get a small business off the ground, which may make the decision to sell or transfer ownership quite difficult.
Today we are talking about the selling and ownership transition of your business. If you are looking to sell your business or transfer ownership to a partner or another family member, then keep reading!
I’m Annette Walker, a Business Growth Coach and Operational Strategist, for those of you who are new to the Entrepreneur Evolution blog. I started my first company in 2007 and since then I’ve acquired, grown, sold, and bought 15 companies. My purpose is to help mission-driven, growth-minded entrepreneurs like you through their challenges.
I am on this path with you, scaling your business by your side. And without compromising your freedom, I will push you to operate at your highest potential and create self-sustaining businesses.
With the experience I’ve gathered throughout the years, I’ve concluded that there are three things you will need to focus on to create a profitable and sellable entity or an entity ready for ownership transition. Those three things are:
1. Your Numbers
These are your financials, books, numbers – whatever you want to call them. They need to be solid, and organized, so preparing these documents is the first step. Gather your financial statements and tax returns dating back at least four years and review them with your accountant. You should also prepare the list of assets being sold with the business and include any contacts related to maintenance and supplies. Any relevant paperwork such as your current lease needs to be included as well.
The financial records, your numbers, need to show you are doing the right things in your business. The numbers will tell your story and they will show whether it’s ready to sell or not.
2. Your Structure
Do you have an operationally sound structure? Are there systems and processes in place? Are there standard operating procedures? What about your team? If you don’t have a strong structure that you trust, people who trust one another, and the right systems in place, then you have some work to do.
As we previously stated, the core of a business is its procedures and systems. They are the business foundation because they provide structure and support. Your team is on the same boat. The success of every business depends on the continuous effort of the people driving it. One of the most valuable assets a company may have is a superb team of people that work effectively both individually and as a group.
3. Your Product or Services
How is your product or service performing? Is it residual? If not -if it’s transactionally based-, how can you make sure you have everything put in place around it to make sure you have a sellable entity?
It is important to prepare a commercial package that includes sales performance, customer base, market share, competition, brand, and marketing strategy.
So these are the three things you need to examine to know if you have a sellable entity or not: the numbers, the structure, and the product/service. What do you think? Do you need help with any of these three categories? Selling a small business is time-consuming and for many people, it’s a very emotional journey, but I am here to guide you through it. Schedule a 20-minute call and let’s figure it out together.
Need any other help with your business? If you have not taken the Core Value Index, schedule a 20-minute free coaching session with me. You will get a copy of the CVI and I will go through it with you. You’ll learn things about yourself and the results will push you to work on the tasks that are in your zone of genius. Again, here’s the link to book your call.
If you are interested in learning more about our programs, the Business Builder group, the Entrepreneur Empowerment Evolution group, or just want to say hello then please fill out the form in the link below and we will get in touch with you.
And as always, if you have any questions, you can email us directly at email@example.com
Keep evolving, entrepreneur! I see you, I get you, and I’m so proud of you.
Want to learn about my programs? Check them out below!
We are currently enrolling for our mastermind groups!
I want to invite you to join our Mastermind Groups personally. I have two groups that run every other week with 90-minute sessions. They are compelling, and I would love for you to join us.
We also have our Business Builder Group for our newer, smaller revenue-size companies, male and female business owners. If you would like to know more, please reach out at firstname.lastname@example.org. See you there!
Don’t do this journey alone. It is crucial to surround yourself with a community of like-minded entrepreneurs.
I’m grateful for this community and our most powerful platform, The Entrepreneur Evolution Empowerment Group. A group of rockstars entrepreneurs that are on the way to five million and 10 million dollars in revenue. We have accountability bi-weekly meetings where we go through topics of leadership, development, and tons of resources. These entrepreneurs are leaders and still growing, and I’m very proud of them.
If you require a half-day/full-day intensive deep dive, foundational review of your business to fast track your growth and come out with a plan, you are in luck! Choose The Business Edit.
Email me at email@example.com, book a session with me or join any of the programs above!
About Annette Walter
Much like Marcus Lemonis, host of CNBC’s “The Profit,” who lends his expertise to struggling businesses, Annette analyzes businesses, supports them with the right resources, and designs the plan they need to go from surviving to thriving.
Annette Walter has started, acquired, owned, and operated more than 15 companies in her lifetime. As a wife, mother of two young boys, and owner of a national company, Timber Industries, that was included on last year’s Inc. 5000 list, she can serve her true purpose and passion in coaching and consulting entrepreneurs through her business coaching company, iEvolve Consulting. Annette works with business owners across the globe in various industries to support their overall well-being, teams, and operations. As an operations expert and strategist, she works with business owners to help them identify organizational gaps and opportunities in their companies. She works with businesses to help make their finances, marketing efforts, technology solutions, and sales more efficient and effective.
If you would like to know more about iEvolve Consulting, visit: http://www.ievolveconsulting.com, or send an email to YouRock@iEvolveConsulting.com.
Purpose. Process. Propel.